An online bank is offering to pay $0\mathrm{.}25\%$ interest per month on deposits. Your local bank offers to pay $0\mathrm{.}70\%$ interest quarterly$($every $3$ months$).$ Which is the higher interest$$ rate? $($Note$$: Be careful not to round any intermediate steps less than six decimal$$ places.$)$

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Part $1$

The EAR for the online bank is

$$

enter your response here$\%.($Round to two decimal$$ places.$)$